The reforms paper is aimed at strengthening industry standards and better protecting consumers and is the largest review conducted by the NSW government in 20 years.

One such change is to demand aspiring real estate agents complete seven (up from four) “units of competency” to earn the certificate allowing them to sell and manage property, along with other changes 

Trever Molenaar said they’ve been lobbying for these changes for some time, as current standards were “too easy”.

“Basically anyone can jump in and jump out,” he said.

“With a three-day course you could be selling the biggest asset of someone’s life.”

He said while some larger real estate franchises were strict in what qualifications their agents must have, there were many that were not.

The paper is also seeking feedback on a reform to stop developers from selling off-the-plan with no qualifications, exempting them from underquoting laws and the need to disclose material facts, such as the presence of loose-fill asbestos insulation.

Complaints about real estate and property businesses have jumped by 14 per cent to 7341 in 2015-16, compared with the previous year, according to NSW Fair Trading.

“For too long people have been able to enter the profession with a minimum level of education that is totally inadequate for the important role real estate professionals play," said CEO of the Real Estate Institute of NSW John Cunningham.

·         Increasing the certificate of registration qualification from the current four units of competency to seven units;

·         A mandatory practical experience component for certificate holders and licensees;

·         The creation of a new licence category of Licensee in-charge. These agents will be required to oversee trust accounts, properly supervise agents and ensure the agency remains compliant with the law. Applicants will need two years’ practical experience and the completion of a diploma level of qualification;

·         New fraud prevention measures which will require agents to transfer rental income out of trust accounts at the end of each month; and

·         Giving NSW Fair Trading greater investigative powers to tackle rogue agents.